Damac Properties' first project at Dubailand underway

Lincoln Park is a low-rise development of seven buildings which will comprise residential and commercial units. The project is one of a number that Damac Properties Dubai is developing near to the huge Dubailand development but is the first to have commenced construction work.

Enabling contractor IFG moved to site this week and has commenced foundation work as part of the Dhs6.7m enabling contract. In addition fencing is being installed to secure the site with hoardings also being put in place.

Based on a Chicago architectural style, the buildings at Lincoln Park will have ornamental entrance ways, flat rooves with parapet walls and sun terraces on top of the buildings. The ground floors will feature a range of shops and restaurants enabling those people living and working at Lincoln Park to make the most of their leisure time.

CEO of Damac Properties Dubai Peter Riddoch, welcomed the initial work on site at Arjan and said that the company was excited to see its first development at Dubailand get underway.

Riddoch said:

"Dubailand will be one of the most exciting developments in the whole of Dubai's history. It is bringing worldwide attention to Dubai and will potentially open up the region to a whole new audience."

He added, "We have a number of projects in the pipeline in that locality but it is pleasing to see our first one get underway at Lincoln Park. We are very excited to be a part of this innovative and exciting new phase in Dubai's continued development."

Lincoln Park is due for completion in 2010 and is one of several developments that Damac Properties Dubai will eventually have in both the Arjan and Majan areas near Dubailand. Once completed Dubailand will be one of the world's largest tourism destinations - spanning more than three billion square feet and twice the size of Disneyworld in Florida.

Mr. Riddoch added, "The creation of Dubailand offers yet another opportunity for companies like Damac to continue to be a part of the UAE success story and we are grateful for that."

"We believe that the mix of residential and retails units we are constructing in this area will prove very popular with a whole range of customers from end users to investors," he added.

2008 has been the 'Year of Construction' at Damac Properties, during which its businesses have aggressively focused on construction and contract delivery to trusted and quality contractors. An impressive Dhs2.5bn worth of contracts have been awarded in the first nine months of 2008. From initial consultants through to enabling and main contractors, the company has awarded more than 60 contracts in the first nine months of the year - showing that it means business when it comes to delivery. So far approximately Dhs2.1bn worth of contracts have been awarded by Damac Properties in Dubai, Dhs45m at projects in Abu Dhabi and a total of Dhs320m by Damac International in Qatar and Jordan.

In line with this, the company is making good progress at its major developments and has recently handed over 571 units at Lake Terrace in Jumeirah Lake Towers in Dubai and with the promise of delivery of 192 units at the Executive Heights project at TECOM in Dubai, 198 units in its Tera Del Sol developments in Discovery Gardens in Dubai, 536 units at LakeView in Jumeirah Lake Towers in Dubai and 847 units at The Crescent, located at IMPZ in Dubai, all before the end of 2008.

Approximately a further 7,100 units are planned for handover in 2009/10 across the region.